GERMANY - Permira exits remaining freenet stake in EUR 115m placement

Goldman Sachs and UBS were hired to place the group's remaining 12.9 million shares, which were sold at EUR 8.90 per share following an accelerated bookbuilding process.

Permira acquired a stake of just under 25% in freenet as part of its 2008 exit of Debitel, the telecommunications group it had acquired from Swisscom in 2004. freenet acquired the business for a total consideration of EUR 1.6bn, which was paid in a mixture of cash and shares.

Permira paid EUR 640m for Debitel at the time of the original acquisition, and later backed the firm's EUR 560m acquisition of rival Talkline from Danish telecommunications group TDC in 2006.

The UK buyout house exited part of its 25% interest in freenet in September 2009, when it placed just over 19 million shares at a price of EUR 9.25, raising EUR 177m.

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